TPL Properties posts Rs70 million net profit
KARACHI: TPL Properties has announced a net profit of Rs70.03 million for the year ended June 30, 2021, which is 38.13 per cent lower than the profit of Rs113.2 million recorded in the previous year, a bourse filing said on Monday.
The earnings per share (EPS) for FY21 clocked-in at 22 paisas, compared with 35 paisas in the previous year. The company did not announce any payout along with the results.
The net revenue during the year under review stood at Rs438.39 million, down 35.38 per cent, compared with Rs678.36 million in the previous year.
TPL’s other income surged 146 per cent to Rs804.7 million in FY21 against Rs326.84 million in FY20, while the finance cost also inched up 1.4 per cent to Rs425.28 million, compared with Rs419 million in the corresponding year.
The board of directors of TPL Properties also approved selling all its developmental assets, either directly or through a special purpose vehicles (SPVs) to the REIT Fund managed by its wholly-owned subsidiary TPL REIT Management Company. TPL Properties will act as a strategic investor in the REIT Fund.
Thal Limited announces final cash dividend of Rs6/share
Thal Limited has announced a final cash dividend of Rs6/share for the year ended June 30, 2021, which is in addition to the interim cash dividend of Rs4/share already paid to the shareholders.
Thal Limited announced a net profit of Rs5.9 billion for the year ended June 30, 2021, which is 84.3 per cent higher than the profit of Rs3.23 billion recorded in the previous year. The earnings per share (EPS) for FY21 clocked-in at Rs67.06, compared with Rs35.63 in the previous year.
The net revenue during the year under review stood at Rs29.63 billion, up 71 per cent, compared with Rs17.35 billion recorded in the previous year.
Thal’s other income surged 10.7 per cent to Rs3.1 billion in FY21 against Rs2.8 billion in FY20, while the finance cost was recorded at Rs173.7 million, compared with Rs172.6 million in the corresponding year.
Hi-Tech Lubricants declares 20% bonus shares
Hi-Tech Lubricants has announced a final cash dividend of Rs2/share for the year ended June 30, 2021, which is in addition to the interim cash dividend of Rs2/share already paid to the shareholders.
The company also declared 20 per cent bonus shares, i.e., one share for every five shares held.
Hi-Tech announced a net profit of Rs651.48 million for the year ended June 30, 2021, which is 435.6 per cent higher than the profit of Rs121.6 million recorded in the previous year. The earnings per share (EPS) for FY21 clocked-in at Rs5.62, compared with Rs1.05 in the previous year.
“The jump in earnings during FY21 was owed to growth in volumes and higher selling prices,” an analyst at Arif Habib Limited said.
The net revenue during the year under review stood at Rs10.59 billion, up 87.5 per cent, compared with Rs5.62 billion recorded in the previous year.
“Sales grew due to growing demand for lubricants, amid surge in the automobile sales and rampant economic activity, as well as improvement in prices.”
Other income declined 23.4 per cent to Rs107.7 million in FY21 against Rs131.1 million in FY20, while the finance cost was recorded at Rs114.6 million, compared with Rs235.6 million in the corresponding year.
K-Electric Limited announces profit of Rs11.99 billion
The K-Electric Limited has announced a net profit of Rs11.99 billion, translating into the earnings per share (EPS) of 43 paisas for the year ended June 30, 2021, compared with the loss of Rs2.9 billion and the loss per share (LPS) of 11 paisas in the previous year.
The profitability can be attributed to higher sales, which clocked-in at Rs255 billion during FY21, up 31.57 per cent, compared with Rs193.8 billion in FY20.
The K-Electric also recovered Rs70.04 billion under tariff adjustment during the year. The company’s finance cost reduced 50.4 per cent to Rs11.11 billion during the year, compared with Rs16.7 billion in the previous year. The finance cost declined due to the prevalent low interest rates.
Growth in the power demand in the KE’s service area is expected to remain above 5 per cent and the KE expects over 700MW of new connections in the next two years, with more than half in the industrial segment.
The construction works on BQPS-III Plant started in December 2019 and work is progressing on a fast-track basis for completion of the plant to keep pace with the demand growth of the city.
The K-Electric has been working closely with the federal government and relevant stakeholders to establish new interconnections and grids at key locations, which would enable Karachi to receive additional power from the national grid, taking the total drawl from the national grid to 2,050MW, which will cement the company’s mission to provide safe and reliable power to its growing customers’ base of 3.2 million and more.
National Foods delivers healthy topline growth of 20%
National Foods Limited, at the group level, delivered a healthy topline and bottom-line growth of 20 per cent and 19 per cent, respectively for the financial year 2021, despite the prevalent Covid-19 situation.
The topline continued its momentum, which was supplemented by the cost and revenue transformation measures, enabling steady gross and net profit margins.
The group earned the net profit-after-tax of Rs1.759 billion for the year ended June 30, 2021 which is 5.1 per cent of the net sales and 19 per cent up versus last year.
The group’s core business’ PAT margin to net sales closed at 6.7 per cent, which is 0.3 per cent higher than FY20. Similarly, A1 Bags and Supplies Inc maintained PAT margin to net sales at 5 per cent.
The company has announced a cash dividend of Rs5/share and the bonus issue of one share for every four shares held on the date of determination of entitlement to receive dividend.
During the year, the contribution to the national exchequer by NFL has further increased and the company paid over Rs5.281 billion (it was Rs4.813 billion in 2020) to the government and its various agencies on account of different government levies, including Customs duty, sales and income taxes.
Moreover, foreign exchange of Rs2.220 billion (it was Rs1.361 billion in 2020) was also generated through exports of products.
“The local business and political landscape has been generally stable over the course of the year, especially with significant improvement in the Covid situation across the country post-successful strategy being deployed for its management. The tax and economic reforms targeting positive movement in the economy have improved the investors’ confidence,” NFL CEO Abrar Hasan said.
NFL’s gross margins are dependent on key local and imported inputs and there is ambiguity over the prices due to uncertain climatic changes, he said, adding that low local outputs, resulting in additional imports are hurting the raw materials pricing, amid restricted price pass-on opportunities in a highly competitive environment.
“[The] devaluation of exchange rates during the fiscal year can impact [the] company’s gross margins in the local business due to [the] impact on prices of key inputs. However, with a fine balance of exports and imports, the company gets a natural hedging of the foreign currency fluctuation,” the CEO said.
“On the international front, the company recognises the risk emanating from the regime change in Afghanistan and will continue to monitor and take measures to minimise the impact on the business,” he added.
National Foods maintained its commitment towards its employees by providing them incentives and timely salary disbursements in the uncertainty prevailing during the Covid.
The NFL CEO said the company remains committed to drive business fundamentals and improve/maintain its market leadership position in all the major categories through contingency planning.
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